Minister for Finance Michael McGrath has indicated the Government will extend the temporary business energy support scheme (TBESS).

The scheme allows businesses to claim for 50% of the increases in energy bills, subject to a monthly cap.

It was designed to to assist businesses with their electricity or natural gas energy costs.

It was introduced to support businesses with these rising costs as a result of the invasion of Ukraine by Russia.

The scheme was previously extended until the end of May with the option to extend until the end of July 2023.

Speaking to RTE News, Mr McGrath said: “I think extending the scheme, combined with the improvements to the scheme, the additional cash payments that we are now making being administered by the Revenue Commissioners will be of major benefit to businesses.”

He added: “We do need to see a reduction in the cost of energy for consumers.”